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A step-by-step guide to building a million dollar portfolio
A step-by-step guideA step-by-step guideA step-by-step guideA step-by-step guideA step-by-step guideA step-by-step guideA step-by-step guideA step-by-step guideA step-by-step guide to building a million to building a million to building a million to building a million to building a million to building a million to building a million dollar portfolio dollar portfolio dollar portfolio dollar portfolio dollar portfolio
CANADA’S BESTCREDIT CARDS 2014
Five ways to pay less tax
The world’s oddest wills
CANADA’S PERSONAL FINANCE MAGAZINECANADA’S PERSONAL FINANCE MAGAZINECANADA’S PERSONAL FINANCE MAGAZINEBONUS!The ultimateETF handbookPAGE 47
COVER_SEPT_OCT 2014 [Print]-revoked 1.indd 301 14-08-15 5:43 PM
Illus
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Canada’sCanada’sBest CREDIT CARDS
CASH-BACKLOW-RATERETAILTRAVELBUSINESSSTUDENT
SEPTEMBER/OCTOBER 2014 MoneySense.ca 35
Which cash-back card gets you the most cash?Which travel card gets you �ying faster? Are the fees for
premium cards worth it? Our fourth annualranking has all the answers
ByMark Brown
In some ways, choosing a credit card is like choosing a bottleof wine: If you don’t do any research and just grab the bottlewith the most attractive label, you might regret it later.
Similarly, if you choose your credit card based on a special offer or just be-cause it’s offered by your bank, you may be in for an unpleasant surprise. There are more than 200 cards on the market and comparing rewardsplans and other features is almost impossible, yet there is a real range outthere when it comes to the value and convenience they offer.
That’s where MoneySense comes in. We’ve done the hard work foryou. We’ve read the �ne print in every cardholder agreement, spenthours on the phone with customer service and even combed throughcredit card statements to better understand how they work and whattype of spenders they bene�t. We even factor in fees and the value ofreward points over �ve years, to ensure we’re not swayed by large sign-up bonuses. The results on the ensuing pages show how much a typical user charging $2,000 to his card each month might earn back in rewards. Just remember to keep your actual spending habits in mind when making your choice. If you always pay off your balance in full, feel free to go for arewards cards with all the frills. If you don’t, stick to a low-rate card for now,or you’ll end up paying for someone else’s rewards with your interest payments. �
F-BEST CREDIT CARDS [Print].indd 35 14-08-15 3:58 PM
PLANNING
36 MoneySense SEPTEMBER/OCTOBER 2014
* Cash value represents the annualized amount you get back in the � rst � ve years of ownership, factoring in standard offer sign-up bonuses and fees. Full methodology at moneysense.ca/cbcc14
ScotiaMomentum Visa In� nite
Capital OneAspire Travel World MasterCard
American ExpressGold Credit Card with Cash Back
If you’re spending less than $1,000 you’d be wise to steer clear of cash-back cards that have an annual fee. This chart shows the rewards you’ll receive after fees are taken out.
CHUMP CHANGE OR BIG MONEY? HERE’S HOW MUCH CASH YOU’LL GET FROM THESE CARDS EACH YEAR
$2,000 $3,000 $5,000
$1,400
1,200
1,000
800
600
400
200
0
-200 Monthly spending
Annu
alized
cas
h-ba
ck a
mou
nts
$500
400
300
200
100
0
Below are Canada’s top cash-back cards, ranked by the size of the reward they offer when you spend $2,000 per month. Five charge an annual fee, but they still outperform their no-fee counterparts as long as you’re spending $1,500 or more a month
1
2
3
4
5
6
7
8
TOP CARDS Ranked by cash-back rewards
ESTIMATEDANNUAL
CASH-BACKREWARDSif spending
$2,000/month
CARD DETAILS
ANNUALFEE
Current Interest Rate
Scotia Momentum Visa In� nite $397.80
Don't let this card’s annual fee scare you off. If you charge $1,000 or more a month you’ll receive great value.But you need a high income to qualify.
$9919.99%
Capital OneAspire Travel World MasterCard
$350.00 Not sure if you want a cash-back or travel card?The Aspire Travel World gives you the best of both worlds since you can convert your travel points to cash.
$12019.8%
American Express Gold Credit Card with Cash Back
$318.50 Earn 2% cash back, but only after you’ve charged $5,000to the card. Still, you may want to keep another card in your wallet since AMEX isn't as widely accepted as other cards.
$9919.99%
ScotiaMomentum Visa $313.80
This is a watered-down version of the top card in this category, but it’s a good second choice if you have a minimum monthly income of $1,000.
$3919.99%
HSBC PremierWorld MasterCard $288.00 Do you shop a lot outside of Canada? This card gives you
2% cash back on every $1 you spend in a foreign currency.$0
12.9%
BMO CashBackWorld MasterCard $263.00 Spend a lot of time on the road? This card gives you 3%
cash back on Shell � ll-ups and discounts on car rentals. $79
19.9%
RBC Cash Back MasterCard $258.00
This no-fee card gives you 2% cash back on groceries. Sadly, amounts eligible for this bonus are capped at $6,000 a year so you’ll max it out if you spend $500 or more a month .
$019.99%
Rogers Bank Cash Back MasterCard
$244.00 This card squeaks into the top eight due to its $20 sign-up bonus. (Note that Rogers is the owner of MoneySense.)
$019.99%
Best Cash-Back
With theScotia Momentum Visa In� nite you’ll get$140 cash back every year by spending a modest $100 on gas and $400 on groceries each month—and that’s after the $99 annual fee.
$4,000$1,000
Scot
ia M
omen
tum
In� n
ite
Cap
ital O
ne A
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Tra
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orld
Am
eric
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ia M
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orld
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ack
Rog
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Here’s the annual cash back you’ll get with our top eight cards if you charge $2,000 a month.
BE
ST CARD FOR
GAS & GROCERIES
F-BEST CREDIT CARDS [Print].indd 36 14-08-15 3:58 PM
WHAT’S THE BEST CARD FOR YOU? Get your own customized report at moneysense.ca/card� nder
Best Cash-Back
* Cost of card represents the annualized cost of interest and fees in the � rst � ve years of ownership. Full methodology at moneysense.ca/cbcc14
Credit card debt can be dif� cult to get ahead of. But as thischart shows, choosing the right card can make a real difference—even if you have to pay an annual fee to get a lower interest rate.
TD Emerald Visa
MBNA True Line MasterCard
RBC RateAdvantage Visa
Here is what our top eight cards will cost you at the end of the year if you carry a $2,000 balance.
$200
100
0
-100
-200
-300
-400
-500
Outstanding balance
Annu
alized
inte
rest
and
fees
Does the arrival of a credit card bill make your stomach drop faster than the � rst plunge of a roller coaster? If you don’t pay your statement on time and in full, you know the feeling. Our advice: if you must use credit, forget rewards and go with the lowest rate
Best Low-Rate
TOP CARDSRanked by lowest user cost
if you carry a balance
ESTIMATED COST OF CARD
with annual unpaid debt of
$2,000
CARD DETAILS
ANNUALFEE
Current Interest Rate
TD Emerald Visa $115.00 The interest rate on this card ranges from 4.5% to 15.75%. The better your credit rating, the lower your interest rate. We assumed a rate of 4.5% for this ranking.
$254.5%
MBNA True Line MasterCard $119.80
The interest rate on this card was recently loweredto 5.99% but it can range up to 14.99% depending onyour credit worthiness.
$05.99%
RBC RateAdvantage Visa $198.80 The annual fee is waived if you make at least
the minimum payment each month. $39
7.99%
Capital One SmartLine Platinum MasterCard
$199.80 A bare-bones card with a variable interest rate of prime plus 6.99% for purchases and balance transfers. Right now, that works out to a 9.99% rate, but it could change.
$09.99%
National Bank Syncro MasterCard $213.00 The interest rate on this card is variable, meaning
the rate could rise if the prime rate jumps. $358.9%
Desjardins Modulo Gold Visa $248.00
While the $50 fee makes this the priciest card on our list, you'll start to bene� t from the � xed rate of 9.9% when you carry a balance of $1,800 or more.
$509.9%
HSBC Premier /HSBC Premier World MasterCard
$258.00 To qualify for this card you'll need $100,000 in combined personal deposits and investment balances with HSBC.
$012.9%
BMO Preferred Rate MasterCard $258.00 Because of the annual fee this card only starts to work in
your favour when you carry a balance of $2,000 or more. $20
11.9%
With today’s rock-bottom interest rates there’s a plethora of low-rate cards to choose from. But if you want some certainty, the Desjardins Modulo Gold Visa has the lowest � xed rate in the country.
TIE
HOW MUCH WILL I PAY EACH YEAR IF I CARRY A BALANCE ON MY CARD?
$300
250
200
150
100
50
0
TD E
mer
ald
MB
NA T
rue
Line
RB
C R
ateA
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tage
Cap
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1
2
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7
4
$2,000 $3,000 $5,000$4,000$1,000
BE
ST CARD FOR
LOWEST FIXED RATE
F-BEST CREDIT CARDS [Print].indd 37 14-08-15 3:58 PM
38 MoneySense SEPTEMBER/OCTOBER 2014
PLANNING
TOP CARDS Ranked by estimated value
of rewards earned
ESTIMATEDANNUAL VALUEOF REWARDS
if spending$2,000/month
CARD DETAILS
ANNUALFEE
Current Interest Rate
Rogers First Rewards MasterCard $490.00
Well, this is awkward. Rogers, which owns MoneySense, comes out on top—but numbers don't lie. This card earns two points on every purchase, which is akin to a 2% return.
$019.99%
MBNA Rewards World Elite $320.70
Hate paying the collision damage waiver when yourent a car? Book the rental on this card and you won't have to—you'll already be covered.
$8919.99%
Sears Financial Voyage MasterCard $320.00 To maximize the value of this card you would have to book
all of your travel and love shopping in Sears stores. $39
19.99%
Chase Best Buy Reward Zone Visa $315.00
This card is for serious gamers who want dibs on thelatest tech gear. But be warned, rewards are issued in the form of certi� cates which expire after 180 days.
$019.99%
Hudson’s Bay Rewards MasterCard $303.30
In addition to rewards for spending at the Bay, this card also offers a 25% bonus on the points earned outside of Canada’s oldest retailer. Watch that 29.9% rate though!
$029.9%
Scotiabank Gold American Express $295.69
This card is intended for travel, but there’s nothing stopping you from redeeming your points for merchandise. Earn extra points when you use this card for gas, groceries or dining.
$9919.99%
Scotiabank Scene Visa $288.56
Spending $500 a month on this card would earn you enough points for six free movies a year. But make sure you always present your separate Scene card to maximize your points.
$019.99%
President’s Choice Financial World MasterCard
$288.00 Earn double the points when you shop anywhere PC products are sold. Spending $400 a month at Loblaw stores could get you almost $100 in groceries at year’s end.
$019.97%
*Cash value represents the annualized amount you get back in the � rst � ve years of ownership, factoring in standard offer sign-up bonuses and fees. Full methodology at moneysense.ca/cbcc14
Rogers First Rewards MasterCard
MBNA Rewards World Elite
Sears Financial Voyage MasterCard
Looking for a little retail therapy? These cards are for those who like to treat themselves to free gifts—either from a favourite store or from a card’s rewards catalogue.
Here’s the annual return on spending if you charge $2,000 a month on our top eight cards.
Monthly spendingAnnu
alized
cas
h va
lue
of m
erch
andi
se
Want to treat yourself to a new gadget, get discounts on services or collect pointsto shop at your favourite store? The top eight entries below cater to those who want something tangible with their rewards as well as those who are loyal to brands
Best Retail Rewards
1
2
3
4
5
6
7
8
Spending $100 a month at Cineplex with the Scotiabank Scene Visa gets you $100 in movies by year’s end — almost double the bene� t of the next best retail card.
WHAT IS THE VALUE OF MY RETAIL REWARDS AT THE END OF THE YEAR?
$1,400
1,200
1,000
800
600
400
200
0
-200$2,000 $3,000 $5,000$4,000$1,000
$600
500
400
300
200
100
0 Rog
ers
Firs
t Rew
ards
MB
NA R
ewar
ds W
orld
Elit
e
Sear
s Fi
nanc
ial V
oyag
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Cha
se B
est B
uy R
ewar
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Hud
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ay R
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Scot
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Scot
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Pre
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nt’s
Cho
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BE
ST CARD FOR
LOYAL CUSTOMERS
F-BEST CREDIT CARDS [Print].indd 38 14-08-15 3:58 PM
WHAT’S THE BEST CARD FOR YOU? Get your own customized report at moneysense.ca/card� nder
Horizon EX-59
Elliptical2 years &7 months
Dyson Vacuum
2 years &2 months
Monster Headphones
5 months
Best Retail Rewards
ONE CARD MAY NOT BE ENOUGHMany merchants accept all typesof credit cards but that’s far fromuniversal. Take Costco, which onlyaccepts American Express—yetscores of smaller merchants willtake anything but. According tothe Canadian Bankers Association,MasterCard is accepted at more than800,000 merchant locations acrossthe country, followed by Visa, whichis accepted in some 600,000 loca-tions.AMEXwon’t revealhowmanymerchants accept its cards here, butglobally they say their acceptancerate is between 85% and 95%.
� Scotiabank Gold AMEX � BMO Air Miles MasterCard WAITINGIS THE HARDEST PARTReward programs offer fantasticmerchandise, but it takes longer to earn some rewards than others. Here’s how long it would take to earn enough points to get actual items in the catalogues for two popular cards. We assume you spend $2,000each month on your card
TrekMountain Bike
3 years &4 months
Apple iPad Air128 GB
2 years &8 months
NikeDriver
2 years &2 months
CanonEOS 70D5 years &2 months
CanonEOS 70D5 years &2 months
Dyson Vacuum
2 years &2 months
Dyson Vacuum
2 years &2 months
Conair Dryer5 months
GROCERIES FROMBIG BOX STORESAREN’T CONSIDEREDGROCERIESIf you’re doing all of your food shopping at large retailers like Target and Walmart then don’t bother getting a card that promises extra points for groceries—because you’re not going to get them. Why? Big box stores are coded as merchants, not grocery stores. One way around this is to get a card af� liated with a large retailer, but only go ahead if it offers a higher earnings rate
on purchases made there. Also be sure to pay the bill every month as interest rates can be higher on store cards.
YOU CAN DOUBLE DIP TO COLLECT POINTS TWICEJust because your credit card has an Air Miles logo on it doesn’t mean you should toss that old Air Miles points card from your wallet. In most cases you can collect points on both cards on a single purchase. It’s one of the few occasions where double dipping isn’t frowned upon.D
ID Y
OU
K
NO
W?
Reward programs offer fantastic
longer to earn some rewards Ultra-High De� nition
85” Smart TV If you spent $2,000 a month, it would take
you 185 years &9 months to earn
enough points for this $60,000 TV
Keurig B70 Coffee Maker
7 months
each month on your card
Monster Headphones
5 months
5 years &2 months
Monster Headphones
5 months
assume you spend $2,000each month on your card
NikeDriver
2 years &2 months
Horizon EX-59
Elliptical2 years &7 months
each month on your cardeach month on your card
2 years &2 months
F-BEST CREDIT CARDS [Print].indd 39 14-08-15 3:58 PM
40 MoneySense SEPTEMBER/OCTOBER 2014
PLANNING
TOP CARDS Ranked by estimated value
of � ight rewards earned
ESTIMATEDANNUAL VALUEOF REWARDS
if spending$2,000/month
CARD DETAILS
ANNUALFEE
Current Interest Rate
WestJet RBC World Elite MasterCard $656.20
To get the most out of this card you’d have to � y on WestJet at least once a year. You’ll earn 2% on travel booked through WestJet and 1.5% on everything else. Taxes are extra.
$9919.99%
American Express Gold Rewards
$546.43 The Aeroplan logo isn’t on this card, but make no mistake this is the best Aeroplan card in Canada. Convert your points 1:1 to get the most value out of this card.
$150n.a.*
BMO Air Miles World MasterCard $466.79
If you’re a fan of Air Miles this card is a must.Cardholders get a 25% discount on the numberof points needed to book a � ight.
$9919.9%
Capital One Aspire Travel World MasterCard
$454.41 Most reward programs only cover the base fare—but not this card. Better still, depending on the cost of the � ight taxes may be covered without costing you any extra points.
$12019.8%
CIBC Aerogold Visa In� nite Card $435.90
While CIBC touts its Aventura cards, its Aerogold cards still rank amongst the top performers. The downside is the points only cover the base fare.
$12019.99%
TD Aeroplan Visa In� nite $435.90
When this card was � rst released a year ago TD offered an enticing sign-up bonus, but now there’s no real difference between TD’s card and CIBC’s Aerogold Visa.
$12019.99%
Scotiabank Gold American Express $429.00 Need peace of mind? This card offers travel, hotel theft
and car rental insurance. $99
19.99%
MBNA Rewards World Elite MasterCard $428.80 This card offers a 10,000-point sign-up bonus, which is
worth $100 and can be put towards your next trip.$89
19.99%
*Cash value represents the annualized amount you get back in the � rst � ve years of ownership, factoring in standard offer sign-up bonuses and fees. Full methodology at moneysense.ca/cbcc14
WestJet RBC World Elite MasterCard
American Express Gold Rewards (base fare converted to Aeroplan)
BMO Air Miles World MasterCard
The WestJet RBC card comes with a $99 companion seat offer, which gives this card the edge. But if you’re hoping to use your points to � y outside of North America you may want to consider another card.
Here is the annual value of the travel rewards if you spend $2,000 a month on one of our top eight travel cards.
Monthly spending
Annu
alized
cas
h va
lue
of tr
avel
rew
ards
Travel cards offer some of the richest rewards available, but most only cover the base fare, so you still have to shell out for any fees and taxes. Still, if you’re planning a trip of a lifetime then these cards will have you looking down on the clouds in no time
Best Travel Rewards
1
2
3
4
5
6
7
Most cards offer a 25% discount on car rentals but with the BMO Air Miles World MasterCard you also earn double points, giving you the biggest bang for your buck. Plus, it covers the cost ofthe collision damage waiver, including for car sharing programs.
CAUGHT THE TRAVEL BUG? HERE’S HOW FAR YOU CAN FLY ON POINTS EACH YEAR
TIE
$1,400
1,200
1,000
800
600
400
200
0
-200$2,000 $3,000 $5,000$4,000$1,000
$800
700
600
500
400
300
200
100
0
Wes
tJet
RB
C W
orld
Elit
e
Am
eric
an E
xpre
ss G
old
Rew
ards
BM
O A
ir M
iles
Wor
ld
Cap
ital O
ne A
spire
CIB
C A
erog
old
In� n
ite
TD A
erop
lan
Scot
iaba
nk G
old
MB
NA R
ewar
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orld
Elit
e
BE
ST CARD FOR
CAR RENTALS
* Balance must be paid off in full each month
F-BEST CREDIT CARDS [Print].indd 40 14-08-15 3:58 PM
WHAT’S THE BEST CARD FOR YOU? Get your own customized report at moneysense.ca/card� nder
iSto
ck
DON’TGET BURNTImagine you’re shoppingwith a $100 gift card and you � nd something you want for $58. However, when you go to the counter, the register rings up $100! After challeng-ing the clerk, you’re told that there are spending “tiers” and any purchase under $100 is rounded up. Sounds absurd, right? Well, that’s how many credit card reward programs work. Take Capital One’s redemption schedule: under their system a $149 � ight requires 15,000 points, whereas a � ight costing just $5 more would push you to the next tier and require an additional 20,000 points. The only way around this is careful card selection. That’s why we’ve factored the “burn rate” into our calculations, to show you how far cards will really take you.
5TRAVEL CARDS
COVERINGTHE FULL FLIGHT
If you spend $2,000 a month on the American Express Gold Rewards (converting the points to Aeroplan)here’s how long would it take to earn enough pointsfor a round trip � ight from Toronto to:
OH, THE PLACES YOU’LL GO!
A TRULY FREE FLIGHT
If you’ve ever booked a �ight on points you know thatmost cards only cover the base fare—leaving it up toyou to cover the taxes and fees, which make up between15% and 40% of the cost. To avoid this, look for cardsthat cover the cost of the full � ight and check to see if the issuer has a separate redemption schedule for taxes and fees. To the right, we’ve listed some great cards thatallow you to use your points for taxes and fees as well.Just keep in mind that you’ll burn through your points faster with these cards.
Capital OneAspire Travel World MasterCard
ScotiabankGold AMEX
MBNA RewardsWorld EliteMasterCard
CIBC AventuraGold Visa
HSBCPremier World MasterCard
* sign-up bonus not factored in
Months 302520155 10
New York5 months
Edmonton8 months
Cancun1 year, 1 month
London, UK1 year, 8 months
Sydney, Australia2 years, 3 months
RBC Platinum Avion Visa
RBC WestJet World Elite MasterCard
BMO Air Miles World MasterCard
TD First Class Travel In� nite Visa
American Express Air Miles Platinum
American Express Aeroplan Plus
American Express Aeroplan Plus Platinum
TD Classic Travel Visa
CIBC Aero Classic Visa
CIBC Aventura Visa
0% 100%80%60%40%20%
% satis� edor very
satis� ed
� Top travel rewards cards for satisfaction � Bottom travel rewards cards for satisfaction
SATISFACTION GUARANTEED?Credit card companies use rewards to get your business. But what about their customerservice? Will it take an obscene amount of time to collect points worth anything?Is it impossibly dif� cult to redeem those points? Bond Brand Loyalty tracks customer satisfaction based on actual user experiences. Their � ndings are based on a survey of 5,660 Canadians, and required a minimum of 30 cardmembers’ responses per card.
Just keep in mind that you’ll burn through your points
London, UK1 year, 8 months
TOP
F-BEST CREDIT CARDS [Print].indd 41 14-08-15 3:58 PM
44 MoneySense
PLANNING
WHAT’S THE BEST CARD FOR YOU? Get your own customized report at moneysense.ca/card� nder
TOP CARDS Ranked by value of rewards
or lowest user costREWARDS CARD DETAILS
ANNUALFEE
Current Interest Rate
BMO Premium CashBack MasterCard for Business
Estimated annual value if spending
$25K/month
$4,131.00
This card is ideal for businesses that frequently rent vehicles. It offers 3% cash back on all Shell gas purchases and when leasing from either National or Alamo.
$6919.9%
National Bank Platinum Business MasterCard
$3,955.00 The cash-back reward on this card works out toabout 1.3% after the annual fee has been taken out.
$12519.99%
Scotia Momentum for Business Visa $3,951.00
Earn 3% cash back on the � rst $50,000 spent on gas, restaurants and of� ce supplies—or on pretty much anything a business needs a credit card for.
$4919.99%
RBC Credit Line for Small Business Visa
Estimated cost with annual unpaid
debt of $25K
$975.00
This is a line of credit with a credit card attached, with an interest rate ranging from prime plus 0.9% to 6.9%.
$03.9%
ScotiaLine for Business Visa (secured)
$1,000.00If you want the lowest rate possible go with thesecured version of this card, which cuts the interestrate by 1.49 percentage points.
$04%
National Bank Business Line MasterCard
$1,050.00 The interest rate on this card ranges from prime plus 1% to prime plus 10%, depending on your business's credit rating.
$504%
CIBC Aventura Visa for Business
Estimated annual value if spending
$25K/month
$5,891.62
Businesses can double their travel rewards by bookingall of their � ights through CIBC. Points can also beused to cover the full cost of the � ight.
$12019.99%
TD Aeroplan Visa Business Card $5,767.62 Businesses earn extra points on all gas and travel
purchases made on this card.$149
14.99%
CIBC Aerogold Visa for Business $5,720.37 This card targets small businesses with fewer than
18 employees and annual revenues below $5 million.$180
12.99%
Any business owner knows costs can add up fast, but who says you can’t get a little perk for all of that spending. You can save them for yourself as a reward at the end of the year, but kudos to you if you give them away as a bonus to your top employee
Best Business Cards
Students should have two goals when signing up for a credit card: stay out of debt and build up a respectable credit history. But if you’ve already learned that lesson, then why not go for a rewards card and use the points to treat yourself at the end of a hard school year.
Best Student Cards
1
2
3
1
2
3
1
2
Do you ration staples? With the Scotia Momentum for Business Visa you earn 3% cash back for every $1 spent on supplies, making it easier to keep your of� ce stocked.
3
CA
SH
-BA
CK
TD Emerald Visa
Estimated cost with annual unpaid
debt of $1,000
$70.00
There are few truly low-rate options for students.Ask about a secured version of this card in orderto get the lowest possible rate.
$254.5%
CIBC Aventura Visa Card for Students
Estimated annual value if spending$1,000/month
$170.57
Dreaming of a Spring Break getaway?This card will help students get there faster.
$3919.99%
1
1
BE
ST CARD FOR
OFFICE SUPPLIES
LOW
-RA
TETR
AV
EL
RE
WA
RD
SR
EW
AR
DS
LOW
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